Hyundai Motor, KT, Kakao Join Forces... Collaborating to Strengthen 'K-Autonomous Driving'

Autonomous Driving Market Expected to Grow at 40% CAGR
"Collaboration and Cooperation Essential Among Automotive, Telecom, and IT Sectors"

[Asia Economy Reporter Yu Je-hoon] Major domestic automotive and IT companies such as Hyundai Motor Company, KT, and Kakao Mobility are joining forces to strengthen competitiveness in the autonomous driving industry.

The Preparatory Committee for the Establishment of the Korea Autonomous Driving Industry Association announced on the 12th that it held the "Korea Autonomous Driving Industry Association Founders' General Meeting" on the 11th at the Korea Chamber of Commerce and Industry in Jung-gu, Seoul.

According to the Autonomous Driving Industry Association, the global autonomous vehicle market is expected to grow from $7.1 billion last year to $1,120.4 billion by 2035, showing a high average annual growth rate of over 40%. The related electronic components industry is also showing a continuous growth trend, and the service market utilizing autonomous driving technology is projected to grow to $3,241 billion by 2030.

The Autonomous Driving Industry Association is a non-profit corporation voluntarily established by companies and research institutions to secure competitiveness in the domestic autonomous driving industry under these circumstances. Founders and member companies include 10 companies and institutions such as Hyundai Motor Company, Hyundai Mobis, Mando, Socar, Kakao Mobility, KT, ControlWorks, ThorDrive, Korea Automotive Technology Institute, and Automotive Safety Research Institute, with plans to add about 60 more companies and institutions in the future.

Chosung-hwan, CEO of Hyundai Mobis, was elected as the chairman of the Autonomous Driving Industry Association. The association plans to simultaneously apply for establishment approval from two ministries, the Ministry of Land, Infrastructure and Transport and the Ministry of Trade, Industry and Energy, to facilitate smooth business promotion.

An official from the Autonomous Driving Industry Association stated, "Unlike the existing automotive industry centered on manufacturing such as finished vehicles and automotive parts, the autonomous driving industry is an important sector where cooperation and collaboration between different industries such as IT, telecommunications, and services determine competitiveness."

This content was produced with the assistance of AI translation services.